Assume the perpetual inventory system is used unless stated otherwise. Round all numbers to the nearest whole dollar unless stated otherwise.Journalizing purchase and sale transactions—periodic inventory systemJournalize the following transactions that occurred in March 2018 for Double Company. Assume Double uses the periodic inventory system. No explanations are needed. Identify each accounts payable and accounts receivable with the vendor or customer name. Double estimates sales returns at the end of each month. Purchased merchandise inventory on account from Sidecki Wholesalers, $5,500.Terms 2/15, n/EOM, FOB shipping point.Paid freight bill of $70 on March 3 purchase.Purchased merchandise inventory for cash of $1,100.Returned $900 of inventory from March 3 purchase.Sold merchandise inventory to Herrick Company, $3,400, on account. Terms1/15, n/35.9 Purchased merchandise inventory on account from Tex Wholesalers, $5,600.Terms 2/10, n/30, FOB destination.Mar, 38.10Made payment to Sidecki Wholesalers for goods purchased on March 3, lessreturn and discount.12Received payment from Herrick Ccmpany, less discount.After negotiations, received a $500 allowance from Tex Wholesalers.15 Sold merchandise inventory to Jesper Company, S$1,700, on account. Terms n/EOM.22 Made payment, less allowance, to Tex Wholesalers for goods purchased on March 9.1323 Jesper Company returned $300 of the merchandise sold on March 15.25 Sold merchandise inventory to Salter for $1,000 on account. Terms of 1/10, n/30was offered, FOB shipping point.Received payment from Salter, less discount.2930Received payment from Jesper Company, less return.4.

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Description: Assume the perpetual inventory system is used unless stated otherwise. Round all numbers to the nearest whole dollar unless stated otherwise.Journalizing purchase and sale transactions—periodic inventory systemJournalize the following transactions th

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Assume the perpetual inventory system is used unless stated otherwise. Round all numbers to the nearest whole dollar unless stated otherwise.

Journalizing purchase and sale transactions—periodic inventory system

Journalize the following transactions that occurred in March 2018 for Double Company. Assume Double uses the periodic inventory system. No explanations are needed. Identify each accounts payable and accounts receivable with the vendor or customer name. Double estimates sales returns at the end of each month.

Purchased merchandise inventory on account from Sidecki Wholesalers, $5,500.
Terms 2/15, n/EOM, FOB shipping point.
Paid freight bill of $70 on March 3 purchase.
Purchased merchandise inventory for cash of $1,100.
Returned $900 of inventory from March 3 purchase.
Sold merchandise inventory to Herrick Company, $3,400, on account. Terms
1/15, n/35.
9 Purchased merchandise inventory on account from Tex Wholesalers, $5,600.
Terms 2/10, n/30, FOB destination.
Mar, 3
8.
10
Made payment to Sidecki Wholesalers for goods purchased on March 3, less
return and discount.
12
Received payment from Herrick Ccmpany, less discount.
After negotiations, received a $500 allowance from Tex Wholesalers.
15 Sold merchandise inventory to Jesper Company, S$1,700, on account. Terms n/EOM.
22 Made payment, less allowance, to Tex Wholesalers for goods purchased on March 9.
13
23 Jesper Company returned $300 of the merchandise sold on March 15.
25 Sold merchandise inventory to Salter for $1,000 on account. Terms of 1/10, n/30
was offered, FOB shipping point.
Received payment from Salter, less discount.
29
30
Received payment from Jesper Company, less return.
4.

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